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News Link • Emmigration

Another Exponential Chart: Americans Who Renounce Their Citizenship


Following the release of the names of individuals who renounced their US citizenship (or terminated their long-term US residency) in Q1 2014, the rate of expatriation from the USA is continuing its exponential rise...

While the catalysts are manifold, the WSJ notes that the US tax dragnet is largely responsible...

Helping boost the exodus, experts say, is a five-year-old U.S. campaign to hunt for undeclared accounts held by Americans abroad.

 Since 2009, the government campaign has collected more than $6 billion in taxes, interest and penalties from more than 43,000 U.S. taxpayers. Federal prosecutors have filed more than 100 criminal indictments, including the high-profile case of Beanie Babies inventor Ty Warner, who last year pleaded guilty to tax evasion involving secret Swiss bank accounts.


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